An Phong Construction Joint Stock Company (Vietnam)

The subject is known as a general contractor which specializes in constructing civil and industrial projects. Besides, the subject also operates in other fields like real estate trading, office for lease, property agency and consultancy, warehouse, and construction equipment rental… Over the development, the subject has cooperated with prestigious real estate developers such as Vingroup, Novaland, Dai Quang Minh Group… Some typical projects are Panorama Nha Trang, Vinpearl Empire Condotel Nha Trang, Vinpearl Beachfront Condotel Nha Trang, The Arena Cam Ranh, Thao Dien Pearl, Sunrise Riverside, Flora Anh Dao (Ehome 6), Sarimi – Sala City… Until now, the company has implemented over 150 projects in Vietnam.Looking back at 2022, the real estate industry encountered difficulties after series of incidents related to corporate bonds, impeding real estate investors to approach investment capital. In addition, under influence of global economic downturn, the demand for investment and home buying became very low. These determinants limited the implementation of new real estate projects and real estate investors were forced to cut down thousands of jobs. In addition, real estate investors could not arrange cash sources to make payments on time, leading many construction companies to make provisions for bad debts. In 2023, the global economic recession is affecting consumers' sentiment when they are not ready to pour money into real estate products. In addition, real estate investors also suffer from difficulties and the wave of layoff still lasts. In general, the real estate market is hard to recover at both supply and demand. These things can negatively affect the business results of the construction industry in general and the subject in particular.